Banking and Financial Institutions – Page 76

Goldman Sachs Profit Plunges, Lagging Morgan Stanley

The Wall Street giant reported that its profit fell by nearly 70 percent in its latest quarter, lagging results at its rival Morgan Stanley.

Declines in overall inflation rates may bring comfort to consumers, but central bankers are still wary of drivers of persistently high prices.

The fact that consumer prices fell isn’t entirely a good thing for the Federal Reserve.

Goldman Sachs will take a big hit from its ill-fated move into consumer banking, even as its other businesses weaken amid an economic slowdown.

The bank, the biggest in the United States, reported a large profit in its latest quarter, but said it was girding for a downturn later in the year.